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Banking News Reports: Bank of America Corp (BAC)’s Request, JPMorgan Chase & Co (JPM)’s Student Loans, Wells Fargo & Co (WFC)’s New Head

Editor’s Note: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Co (NYSE:WFC)

Judge Denies Class-Action Request In Massive Bank Of America Lawsuit (Consumerist)
An effort to consolidate 26 separate homeowner lawsuits against Bank of America Corp (NYSE:BAC) hit a huge roadblock yesterday when a federal judge ruled that while the individual cases appear to have merit, they can not be heard as a group in a class action. The complaints all involve allegations that Bank of America deliberately failed its obligation under the federal Home Affordable Modification Program (HAMP) to work with distressed homeowners to modify mortgages.

Bank of America Corp (NYSE:BAC)

Without “Meaningful Growth” in Student Loans, JPMorgan Chase Stopping Them Altogether (Slate)
JPMorgan Chase & Co (NYSE:JPM) announced on Thursday that it will stop issuing student loans. The bank had already scaled back its loans to students with disbursements dropping from $6.9 billion in 2008 to $200 million last year. Competition from government loan programs and increased regulatory scrutiny led the country’s biggest bank to decide to get out of the student loan business, Reuters reports.

Wells Fargo names Head of National Employee Benefits Practice (HITC Business)
As healthcare reform continues to alter the employee benefits landscape, Wells Fargo & Co (NYSE:WFC) Insurance continues to strengthen its national employee benefits division. The company has announced that Tim Prichard is the new head of its National Employee Benefits Practice and will report to Laura Schupbach, head of Wells Fargo Insurance.

Bank of America Corp (NYSE:BAC) Sells Its Stake In China Bank For $1.47 Billion (Basic Media)
Bank of America Corp (NYSE:BAC) has finally offloaded its final stake on China Construction bank Corp for $1.47 billion. This marks an end to an era in its attempt of trying to tap into china market which was perceived to contain limitless growth opportunities. This move is highly seen by analysts as an attempt of trying to restructure before the coming into use the policy that requires banks to hold extra capital against majority stakes in other financial institutions. According Reuter’s calculations Bank of America Corp (NYSE:BAC) previous sales of CCB stock had raised a total of $16.37 billion.

Mary Erdoes Proves JPMorgan Trillions No Fluke (Bloomberg)
JPMorgan Chase & Co (NYSE:JPM)’s Mary Callahan Erdoes got her first assignment managing money when she was 6 years old. The eldest of four children, Erdoes showed an early aptitude for math that was fostered at her grandmother Kay’s suburban Chicago breakfast table, where she helped balance her grandparents’ checkbook on an adding machine.

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